Press Releases
Catlin Group Limited Trading Statement
HAMILTON, Bermuda - The Board of Directors of Catlin Group Limited (‘CGL’: London Stock Exchange), released the following trading statement after the conclusion of the Group’s Annual General Meeting, held Wednesday 25 May 2005 in Bermuda:
Current Trading
We are pleased to report continued strong performance by the Catlin Group during 2005. Rate adequacy remains favourable across the classes of business underwritten by the Group, with a weighted average premium rate decrease of 2 per cent to April 30 2005 compared with the previous year. Loss experience to date has been within projections.
Net premiums earned and net income are developing in line with expectations. Given the rate softening occurring in certain classes and the Group's commitment to underwriting profit, there has been and will likely remain a reduction in gross premium written from the previous year.
Other Developments
There have been a number of other important developments for the Catlin Group during 2005:
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Liquidity in Catlin Group shares has increased significantly following recent changes to the composition of the share register, including market sales by some of our pre-IPO private equity investors.
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Catlin Canada, based in Toronto, will shortly commence operations, focusing on property, casualty, marine and aviation business.
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Catlin Guernsey will, subject to regulatory approvals, become the newest Catlin company, writing general aviation business on behalf of the Catlin Syndicate at Lloyd’s.
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Catlin Insurance Company (UK) Ltd. (“Catlin UK”), has successfully commenced trading following its authorisation by the UK Financial Services Authority in March. Upon its authorisation, Catlin UK was assigned a financial strength rating of ‘A’ (Excellent) by A.M. Best Company.
Stephen Catlin, Chief Executive Officer, commented:
“I am encouraged by our current trading and the potential of our new initiatives. In a challenging market, we are maintaining our focus on underwriting discipline, maximising new opportunities and actively managing our capital.”
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For more information contact:
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Media Relations: |
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James Burcke, |
Tel: Mobile: |
+44 (0)20 7458 5710
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Liz Morley, |
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+44 (0)20 7379 5151 emorley@maitland.co.uk |
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Investor Relations: |
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William Spurgin, |
Tel: E-mail: |
+44 (0)20 7458 5726 +44 (0)7710 314 365 |
Notes to editors:
1. The Catlin Group, headquartered in Bermuda, is an international specialist property/casualty insurer and reinsurer writing more than 30 classes of business worldwide. Catlin wrote gross premiums of US$1.43 billion and reported record net income of US$154.1 million in 2004. Catlin shares are traded on the London Stock Exchange (ticker symbol: ‘CGL’).
2. The Catlin Group operates three underwriting platforms:
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The Catlin Syndicate at Lloyd’s (Syndicate 2003). The Catlin Syndicate is the eighth largest syndicate at Lloyd’s based on 2005 premium capacity of Ł500 million. It is a recognised leader of numerous classes of specialty insurance and reinsurance.
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Catlin Bermuda (Catlin Insurance Company Ltd.). Catlin Bermuda began underwriting in 2002 and writes property treaty and casualty treaty reinsurance and property and casualty insurance for US risks on a surplus lines basis.
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Catlin UK (Catlin Insurance Company (UK) Ltd.). Catlin UK specialises in writing commercial property, general liability, professional indemnity, directors' and officers' liability and commercial crime insurance for UK clients. It also writes other classes of business written by the Catlin Syndicate.
All three Catlin Group underwriting platforms have been assigned ‘A’ (Excellent) financial strength ratings by A.M. Best Company.